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Old 5th July 2007, 17:22   #16
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Please take a day off, finish up with the Ownership transfer formalities at the RTO.
I suggest that you fill the ownership transfer form and CC forms personally.

Make sure all this is done only after you get the complete amount.

When I sold my car, these DODO's had mis-spelt my name and I had to take an extra day off to sign the papers in the presence of the ARTO.
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Old 5th July 2007, 17:42   #17
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I think it is better to finish off the deal by completing all the formalities at the RTO. My brother who sold his bike to a dealer which was again sold to another person was involved in an accident. He had to go to the court because the vehicle was still in his name. I think there is something about informing the insurance guys also as soon as a vehicle has changed hands - but I think, that's for the new owner to do.
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Old 5th July 2007, 18:32   #18
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Default Selling off your car - legal formalities

When you sell your car, your legal liability (for example - for an accident caused by the buyer) does not end with getting an agreement / sale deed executed, even if it is on stamped bond paper. That used to be the law, till the honourable exalted supreme court of India discovered that the registered owner has a legal duty to ensure that the vehicle stays insured, and hence is ultimately liable for all damages caused due to use of the vehicle, even if the real owner is soembody else.
So, here is what you do - (1) ensure that the insurance remains valid from the time you hand over possession of the car till the registration is transferred to buyer's name. (the vehicle should have an insurance policy in ANYBODY's name - not necessarily the registered owner's name).
(2) There is a notice (sorry - forgot the form number) you have to give to YOUR registering authority informing that you have sold your vehicle. COntact YOUR vehicle agent, get a copy of this form, and get this signed in duplicate at time of finalising the transaction and handing over possession. Tell the buyer that if he does not give you a photo copy of the registration certificate with the name transferred within N days, you will do this yourselves.
! and 2 will ensure that your skin is saved in the event of the buyer resorting to any hanky panky with you staying the registered owner.

In case the unexpired validity of insurance is short - say 15 or 20 days, you may be better off asking the buyer to take a fresh policy in his name. A third party only policy will be less than 4K, (but will not cover loss to your car, theft, etc).
Regarding your suspicion that the prospective buyer is a civil engineers - any prospective buyer will make a very close examination of a car, and will be able to detect repaints and mechanical troubles pretty quick.
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Old 5th July 2007, 20:49   #19
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Quote:
Originally Posted by nirmalts View Post
Thanks guys for your valuable advise. One doubt I have here can I just take the money and delivery note and forget what happens with the car. Incase, they meet with an accident, the charge would still come in my name (bcos address in RC would be mine). I can prove in a court of law that I am not responsible with the delivery note. But again I have to go through all that. This is all perhaps worst case scenario.

Even if the deal is good, I have a bad feeling because they go it from me by lying. This is forcing me to pull out of the deal even though it is not that bad. :(
Nirmal
When i went to take a second hand bike for my friend few months back, the seller asked as to prepare a letter with both parties signature that

' the vehicle is sold for this much amount, on date and time, from Mr.Y to Mr.X and any liabilities after the sale is to be addressed to Mr. X'

Guess it'd only be good to get that in writing from them.
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Old 6th July 2007, 07:24   #20
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I had some experience which is worth sharing. I had a Corolla and asked a mechanic to sell it for me. Mechanic found a agent who is interested in this as some individual was looking for a car!!?!!? I didn't care much and I told my price to sell the car. Mechanic agreed and took the car and sold it. But still the registeration/insurance change hadn't happened yet. Suddenly, the individual met with accident, to my shock. I promptly went to the insurance co and told them what happened. They agreed and helped me to change the insurance.

Lesson learnt is if you sell, transfer everything and make it in black and white.
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Old 6th July 2007, 08:17   #21
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When you sell a car to a dealer keep in mind that

1. Do not worry about how much the dealer will make on your car. He has to do it for a living and then trouble of finding a buyer. Since it is saving your time, your only concern should be the price he is paying you.

2. Once you finalize the deal, do not hand over the car till you get your fully agreed amount in hand. No assurance, no cheques, just hard cash.

3. After you hand over the car, make a notarized copy of the sale. This is very important as the dealer may not be able to sell the car immediately and until then it will be in your name.

4. Take your license plate and keep it with you.

5. Mail a copy of the sale deed to the RTO stating that you have sold the car. I do not know if it is required or not but do it anyway.

You can skip step 4 and 5, but they will ensure maximum protection after sale

Good luck!
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Old 6th July 2007, 08:51   #22
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when u seel a car unless u teel ur insurance co the policy will not be transfered to the new owner(we ususlly transfer it to our new car for the no claim bonus)so if u are giving the insurance also with the car then tell ur insurance co and get the insurance transfered in the new buyers name
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Old 18th July 2008, 10:15   #23
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i sold my car to the car dealer in banglore y'sday and received only delivery note. he will then find his own buyer may be after 10 ,15 or even one month till then he will keep the car in his place and even he may be using it(who knows)

when i called him to ask the copy of name transfer documents/id proof of the buyer he said he is still yet to find a customer who will buy this car, he even asked me to think that i sold my car to used car dealer and not to worry about whom it gets transferred.

but i am worried about this and want to safeguard myself.

1. do i need to send the copy of RC book, delivery note to RTO office stating that i sold my car to this used car dealer?

2. do i need to send one more copy of delivery note to insurance company informing the sale?

please let me know your suggestions?

-MUKE
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Old 20th July 2008, 14:20   #24
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Quote:
Originally Posted by muke31 View Post
i sold my car to the car dealer in banglore y'sday and received only delivery note. he will then find his own buyer may be after 10 ,15 or even one month till then he will keep the car in his place and even he may be using it(who knows)

when i called him to ask the copy of name transfer documents/id proof of the buyer he said he is still yet to find a customer who will buy this car, he even asked me to think that i sold my car to used car dealer and not to worry about whom it gets transferred.

but i am worried about this and want to safeguard myself.

1. do i need to send the copy of RC book, delivery note to RTO office stating that i sold my car to this used car dealer?


2. do i need to send one more copy of delivery note to insurance company informing the sale?

please let me know your suggestions?

-MUKE
You must immediately get a sale deed signed by both you and the dealer with two witnesses. This sale deed should specify the date and time (VERY IMPORTANT) of the sale stating that the car was checked by a competent mechanic by the buyer and no major faults were detected. The deed should also state that you are handing over all the duly signed, transfer of ownership papers in the name of the new buyer and that you shall in no way whatsoever be responsible for his acts and omissions using this motor vehicle after this date and time. the whole burden of responsibilities and liabilities shall rest with the new owner.
Thereafter its in the interest of the new owner to get it transferred or not in his name. Your liability ends!
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Old 6th August 2008, 20:25   #25
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Quote:
Originally Posted by BaCkSeAtDrIVeR View Post
When you sell your car, your legal liability (for example - for an accident caused by the buyer) does not end with getting an agreement / sale deed executed, even if it is on stamped bond paper. That used to be the law, till the honourable exalted supreme court of India discovered that the registered owner has a legal duty to ensure that the vehicle stays insured, and hence is ultimately liable for all damages caused due to use of the vehicle, even if the real owner is soembody else.
So, here is what you do - (1) ensure that the insurance remains valid from the time you hand over possession of the car till the registration is transferred to buyer's name. (the vehicle should have an insurance policy in ANYBODY's name - not necessarily the registered owner's name).
(2) There is a notice (sorry - forgot the form number) you have to give to YOUR registering authority informing that you have sold your vehicle. COntact YOUR vehicle agent, get a copy of this form, and get this signed in duplicate at time of finalising the transaction and handing over possession. Tell the buyer that if he does not give you a photo copy of the registration certificate with the name transferred within N days, you will do this yourselves.
! and 2 will ensure that your skin is saved in the event of the buyer resorting to any hanky panky with you staying the registered owner.

In case the unexpired validity of insurance is short - say 15 or 20 days, you may be better off asking the buyer to take a fresh policy in his name. A third party only policy will be less than 4K, (but will not cover loss to your car, theft, etc).
Regarding your suspicion that the prospective buyer is a civil engineers - any prospective buyer will make a very close examination of a car, and will be able to detect repaints and mechanical troubles pretty quick.
Any additional thing to make sure is, if the insurance is in your name get it transferred to the name of the person you are selling the car to. I realised this an year later after selling my car (as per the initial post in this thread), that the person who I sold the car to, did not transfer the insurance and was using it in my name. The reason people dont do this is because, they will not be able to claim the NCB you have in the insurance, and they have to pay the difference amount (actual premium-premium with ncb) for the remining period of the insurance to get it transferred.

You could also tell the person while you make the deal that he/she will have to bear this difference in ncb at the time of transfer.

Nirmal
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Old 18th August 2008, 01:13   #26
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Well, I sold my Indica early this year to a used car dealer who I didnt know too well.

Heres what I did.

At the time of delivery, I recd. cash and got a delivery note. However, I also got the dealer to sign a "Transfer of Ownership" form with HIM as the buyer. I retained the form with myself and told him that if he doesnt find a buyer in 45 days, I ll fill up the form and submit it to the RTO.

This way my "liability" was limited to 45 days...

Around 40 days after the sale he had sold the car and he came and got the form signed with the name of the actual buyer. Then I destroyed the first form in front of him.

How did the whole arrangement help me? If the dealer "disappeared" or started ignoring me, I could have just transfered the car in his name and called the deal done!

It wouldnt have been morally/ethically incorrect either.
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Old 25th August 2008, 20:25   #27
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I guess you could have saved some anxiety if you had involved the aveo dealer with the second hand sale. The aveo dealer, in order to get a business from you, would have had the incentive to refer a competent used-car dealer to sell your old car. This way, the risk of prompt and full-payment is reduced. When I wanted to sell my santro, I approached Hyundai Motor Plaza (b'cos I wanted to get a new i10). HMP sent a representative from FirstSource. He gave an offer, and when I accepted it, paid the full money directly to HMP (as I had authorised them to do so), and I had to only pay the difference amount to HMP against the purchase of the new i10.

Regarding paper work and legal liability from misuse of vehicle post-sale, I guess one can never fully get-away from it and you only have to depend on your luck.
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